What about WinMo? It wouldn't be so difficult to rewrite from PC windows media player to winmo 6.1/6.5/7 windows media player that part which can play that dinamicplaylist.*** because form me it doesn't works on my HTC...
You can use GS Player or TCPMP.
I use the same, plays the 48kbps AAC stream too.
In case GS Player hangs, use TCPMP.
FYI, I had listened to 4EOYC completely thru GPRS and TCPMP on my HTC Touch.